Borgholm Dolphin Buys More Time in UK Sector

Dolphin Drilling, a subsidiary of Fred Olsen Energy ASA, has entered into an agreement for a two-month extension of the present contract with
the accommodation semisubmersible Borgholm Dolphin in the UK sector.

Estimated contract value for the extension period is approximately US $11.1 million. The extension will provide continuing work for Borgholm
Dolphin to around mid December 2009.

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